Turning 70: What Happens to Your Life Insurance Now?

First things first: the type of life insurance you have matters a lot. Here’s a quick rundown:

• termlife insurance: If you have termlife insurance, there’s a good chance your policy was designed to cover you until a specific age or for a set period, like 20 or 30 years. If you took it out in your 40s or 50s, it might be reaching its end. Once it expires, poof—it’s gone. No payout, no refund, no consolation prize. (Sorry!)

• Whole Life or Permanent Insurance: Lucky you! If you’ve got wholelife insurance, it’s designed to last your entire life (hence the name). As long as you’ve been paying those premiums like clockwork, your policy isn’t going anywhere.

Don’t panic. You’ve got options:

1. Renew It: Some term policies offer renewal options, though the premiums will likely go up (age isn’t cheap, folks).

2. Convert It: Many term policies let you convert to a permanent policy. Yes, it’ll cost more, but it’s a good way to keep coverage if you still need it.

3. Let It Go: If your debts are paid off, your kids are self-sufficient, and your funeral costs are covered, you might not need the policy anymore. Time to pat yourself on the back for adulting so hard.

Good question! Here’s why keeping or getting life insurance at 70 could still make sense:

• Final Expenses: Funerals aren’t cheap, and no one wants to saddle their family with a $10,000 bill just to say goodbye.

• Estate Planning: life insurance can help cover taxes or leave a financial legacy for your loved ones (or that charity you’ve been meaning to support).

• Outstanding Debts: If you’re still carrying a mortgage or other loans, life insurance can make sure those debts don’t get passed on.

• Income Replacement: Got a spouse who relies on your pension or Social Security? A life insurance payout could help bridge the gap if something happens to you.

Don’t worry—it’s not too late. Many insurers offer policies specifically for seniors, including:

• Guaranteed Issue life insurance: No medical exam needed, but premiums are higher, and coverage is usually limited.

• Final Expense Insurance: Small, affordable policies designed to cover burial and funeral costs.

• Simplified Issue life insurance: A happy medium—you’ll answer some health questions, but no invasive exams.

1. Shop Around: Rates and policies vary widely. Don’t settle for the first option.

2. Assess Your Needs: Are you covering final expenses? Leaving a legacy? Paying off debts? Your needs dictate your coverage.

3. Talk to an Expert: A little advice goes a long way. (Hint: Protectio’s got your back.)

life insurance after 70 isn’t a one-size-fits-all situation. Whether you’re renewing, converting, or shopping for a new policy, the key is understanding your needs and options. And hey, just because you’re 70 doesn’t mean you’re out of the life insurance game. You’ve still got plenty of life left to live—but it never hurts to be prepared.

Got questions? Protectio is here to help you navigate your options and find the perfect plan for your golden years. Because no matter your age, your life is worth protecting.